Many millionaires in Hong Kong and elsewhere in Asia now regard charity donations as an important part of their wealth management, prompting French lender BNP Paribas to set up a team in the city to handle such matters for wealthy clients.
Wealth management co-chief executive Vincent Lecomte said the team would help clients handle charity donations through services such as setting up trusts and helping them identify where to put their money.
He said the bank would not charge fees for philanthropic services but would eventually benefit from them because they would help the bank better understand clients' demands and networks.
"Helping individual philanthropy has become part of wealth management services," Lecomte said at the launch of the service yesterday. "Customers do not only want us to make more profit for them but also help them give it away for a good cause."
The bank started such services in Europe seven years ago due to client demand. Lecomte said it was now time to expand them into Asia.
"The sustained growth and surge in wealth experience in Asia has triggered a parallel growth in philanthropy in the region," he said. "We certainly see a correlation between increased wealth and increased engagement in philanthropic projects."
